S&P downgrades Floyd Memorial Hospital & Health Services’ bond rating

S&P lowered its long-term rating to “BBB-” from “BBB” on $47.92 million of series 2010 fixed rate revenue bonds issued on behalf of Floyd Memorial Hospital and Health Services in New Albany, Ind., by the Indiana Finance Authority.

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“The lowered rating reflects our view of Floyd’s leading, but not dominant, market share in a more limited service area; significant recent financial losses; and moderately constrained balance sheet,” said Kevin Holloran, an S&P credit analyst.

Floyd’s outlook remains negative.

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